The size of the global data backup and recovery market was valued at USD 9.69 billion in 2021. It is projected to experience a compound annual growth rate (CAGR) of 9.8% throughout the forecast period. The main drivers for the market's revenue growth are the increasing risks associated with data breaches, the growing adoption of cloud-based data backup solutions, and the ongoing trend of digitalization. Furthermore, the market is expected to benefit from the exponential growth of data volume and the rising adoption of Internet and smartphones.
Data backup and recovery involves the process of creating duplicate copies of data to safeguard against data loss and establishing secure methods for restoring data. It entails making copies and storing data to ensure its availability in the event of data corruption or deletion. Businesses and organizations recognize the potential for computer crashes and human errors during routine operations. Therefore, they consider data backup and recovery as critical components in maintaining their data. It is crucial for businesses to proactively plan and implement data backup strategies that protect them from accidental data loss and facilitate swift data recovery. Successful data backup solutions often involve utilizing offshore servers, separate storage drives, or cloud-based backup services to accommodate large volumes of data.
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Data backup is a cost-effective method for companies to secure important data. It works with existing systems and does not require any additional systems. Encrypted files are then stored at an offsite data center once the backup is complete. This entire process uses advanced technologies without incurring any extra expenses. To protect and secure data from any security breaches, all information is encrypted before it is sent to offshore data center.
Businesses invest a significant amount of time and effort in developing proprietary data and information. That data is frequently the key to gain a competitive advantage in the market. Data loss as a result of threats or disasters can result in unhappy consumers, lost income, and even bankruptcy. According to the study, more than 90% of the companies that dont have any data recovery plan are out of business in case of any major disaster of data deletion. 20% of small to medium-sized businesses are suffering major disasters due to loss of data every five years. Various organizations are now widely adopting data backup and recovery services which increases demand and is expected to drive revenue growth of the market during the forecast period.
Restraint: Lack of technical expertise
When it comes to important information, businesses must ensure that their data is protected and backed up properly. Unfortunately, just a small percentage of small and medium-sized businesses are ensuring that their data is effectively backed up. Several enterprises lack technical expertise and essential devices required for data backup. Some of them are even not aware regarding benefits of data recovery and are reluctant to use it. Moreover, lack of technical expertise and awareness in the organizations could be a restraining factor and inhibit market revenue growth during the forecast period.
Competitive Landscape:
International Business Machines Corporation, Oracle Corporation, Dell Inc., CA Technologies, Commvault Systems, Inc., Microsoft Corporation, Veritas Technologies LLC, Acronis International GmbH, Unitrends Corporation, Hewlett Packard Enterprise, Veeam Software Group GmbH, and NetApp, Inc.
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The global market is further segmented into type and application:
By Backup Type Outlook
- Service Backup
- Media Storage Backup
- Email Backup
By Organization Size Outlook
- Small and Medium-Sized Enterprises
- Large Enterprises
By Deployment Type Outlook
- Cloud
- On-premises
By Services Outlook
- Professional Services
- Managed Services
By Software Outlook
- Data Replication
- Data Reduction
- Data Retention
By Industry Vertical Outlook
- IT and Telecommunications
- Retail
- Banking, Financial Services, and Insurance
- Government and Public Sector
- Healthcare
- Media and Entertainment
- Manufacturing
- Education
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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